LASER CREDIT UNION

NOTICE OF SPECIAL GENERAL MEETING 25 SEPTEMBER 2024 1.30 PM

MERGER OF LASER AND SHEFFIELD CREDIT UNIONS

PROGRESS AND NEXT STEPS

The members of Laser Credit Union (LCU) agreed to merge with Sheffield Credit Union (SCU) at two Special General Meetings (SGM) held on 17 January and 7 February 2024. At that time, it was expected that the legal and administrative processes to complete the merger would take about 6 months.

While there remains full commitment to this on both sides, we have been told by the regulator we need to complete one final process before the merger can take place which is bringing LCU’s rules for admitting members into line with SCU’s rules. This requires changes to LCU’s ”Common Bond” which must be approved by members at a further SGM, in the form of the following resolution.

“Laser Credit Union agrees to change its common bond to remove all elements of the current

section 7 except:

An individual who resides or is employed in the locality South Yorkshire and North East

Derbyshire as delineated on the attached map. This includes anyone who resides or is

employed in the following post codes:  

Sheffield:

S1, S2, S3, S4, S5, S6, S7, S8, S9, S10, S11, S12, S13, S14, S17, S20, S21, S25, S26, S35, S36

Rotherham:

S60, S61, S62, S63, S 64, S65, S66

Doncaster:

DN1, DN2, DN3, DN4, DN5, DN6, DN7, DN8, DN9, DN10, DN11, DN12, DN14, DN17

Barnsley:

S70, S71, S72, S73, S74, S75

Chesterfield and North East Derbyshire:

S18, S21, S40, S41, S42, S43, S44, S45

This resolution will also be set out in the agenda which will be circulated before the meeting along with a map which will show the area that will be covered if the resolution is approved.

This resolution will be the only business transacted at this meeting.

To the best of the knowledge of the Board, LCU does not have any members who have joined under the particular terms that will be deleted by the resolution and, if LCU had continued to operate as a stand-alone credit union, there were no plans to attract future members using that route. It is therefore the Board’s view that the changes requested by the regulator are essentially “technically administrative” ones that have absolutely no effect on existing members of LCU and that will have no discernible effect on the way the merged credit union will operate.

It is important that you register your intention to join us for the Zoom SGM on the 25th of September 2024

If you are a member and have not received an invite and wish to attend please email enquiries@lasercu.org.uk for registration details.

All you will need to join the meeting is access to the internet by computer, tablet or mobile phone

This change will align LCU’s common bond with that of SCU’s and will allow the merger to go ahead It is an important meeting for Laser Credit Union and its Members. We do hope that you can join us and we look forward to seeing you on Zoom on Wednesday 25th September at 1.30pm. Please join us!

Alan Teale – Chair on behalf of the Board of Directors of Laser Credit Union

10.09.2024